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Highlands scheme process enters final stretch
The winding up of the liabilities of insolvent UK insurer Highlands Insurance Company (HUK) will enter its final stage next month, as reinsurance cedants will have the chance to vote on a proposed scheme of arrangement.
25 July 2011
Surveillance comes together for international insurers
The International Association of Insurance Supervisors (IAIS) is seeking comments on its proposals for a new supervision framework that will set out how regulators should oversee international insurance firms.
25 July 2011
Tokio Marine acts to secure UK scheme from US challenge
Tokio Marine Europe Insurance Limited (TME) has filed a motion in a New York court aimed at protecting a scheme of arrangement agreed with its UK creditors.
25 July 2011
FSB sets out regime for failing firms
Financial watchdogs the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision are asking for input on their proposals on how to supervise systemically important financial institutions.
25 July 2011
Regulator removes boot from financial firms’ throats
Regulatory actions against financial firms have begun to decline from the zenith of the post-financial crisis litigation frenzy, according to a report by analytics firm Advisen.
25 July 2011
Willis anti-bribery fine tops list
The Financial Services Authority (FSA) will not need to turn to the new Bribery Act to enforce anti-corruption measures, as the almost £7mn fine it imposed on broker Willis last week showed.
25 July 2011
Beachcroft and DAC confirm merger
Insurance specialist law firms Beachcroft and Davies Arnold Cooper are to merge under the banner of DAC Beachcroft on 1 November.
25 July 2011
UK commercial lawsuits fall heavily in 2010
The number of commercial cases launched in the UK High Court in 2010 fell by nearly a third year-on-year, but this is likely to mask a high number of out of court disputes, according to City law firm Reynolds Porter Chamberlain (RPC).
25 July 2011
Cat bond pays out for Glacier Re
Glacier Re, the Swiss-based reinsurer currently in run-off, could reclaim $27mn from a cat bond it sponsored in 2008 to help pay $175mn estimated net losses from 2008's Hurricane Ike.
25 July 2011
Trio of cat bonds to kick off Q3
Three diversifying cat bonds are currently in the market and are likely to be welcomed by the specialist investors who have endured an unusually quiet run-up to the hurricane season and are keen for non-US wind exposures.
25 July 2011
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